Property briefs

The Investec Australia Property Fund has bought the four-level, A-Grade Manning Clarke office building in Tuggeranong, ACT. The building is leased to the Commonwealth government for $25.8 million, on a yield of 7.8 per cent. The Manning Clarke Office building in Tuggeranong is fully leased to the Department of Human Services until February 2023 – insulated against the Abbott government’s plans to cut 6500 public servant jobs in Canberra over the next three years.The property brings in annual net income of $2.042 million with fixed annual rent increases of 3.5 per cent. The acquisition was funded through existing debt facilities pushing up gearing from 14.4 per cent to 26.8 per cent. The deal was negotiated sold by Andrew Stewart and Scott Gray-Spencer of CBRE, alongside Michael Heather and Tim Mutton of Colliers International. LARRY SCHLESINGER

ASX-listed developer
Devine Limited
has sold a parcel of undeveloped land in North Brisbane for $14 million to ­private developer
QM Properties
. The land is part of the Sandstone Lakes project at Ningi near Bribie Island and was sold at current book value. The sale is part of a Devine plan to recycle capital out of select assets into higher-margin projects and return the struggling company – in which
Leighton Holdings
has a controlling share – to profitability. Larry Schlesinger